27 July 2017 – Tate & Lyle PLC
This Trading Statement covers the period from 1 April 2017 to 30 June 2017, which is the first quarter of the financial year.
The Group made an encouraging start to the year with profit in constant currency ahead of the comparative period, and volume ahead in both divisions.
In core Speciality Food Ingredients:
- North America, where the overall Food and Beverage market remained soft, saw modest volume growth with firmer volume from some larger customers, and also continued to make progress in broadening its customer base.
- Asia Pacific and Latin America, and Europe, Middle East and Africa delivered strong volume growth.
In the remainder of the Speciality Food Ingredients division, Food Systems volume was in line with the comparative period and SPLENDA® Sucralose performed as expected.
In Bulk Ingredients, the core business performed well driven by solid demand for sweeteners and industrial starches, firm US bulk sweetener margins, and continued strong manufacturing performance. In Commodities, performance was ahead of the comparative period.
Overall, we continue to expect that the Group will make underlying progress in the full year.
A conference call will be held today at 07.30am BST, hosted by Javed Ahmed, Chief Executive and Nick Hampton, Chief Financial Officer. Participants are requested to dial in at least 10 minutes before the commencement of the call. Dial in details are as follows:
Standard International Access: +44 (0) 20 3003 2666
Password: Tate & Lyle
A replay of this call will be available after the end of the live call for 14 days until 10 August 2017.
UK replay number: +44 (0) 20 8196 1998
Replay access PIN: 3389225#
For more information contact Tate & Lyle PLC:
Christopher Marsh, Group VP, Investor and Media Relations
Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688
Andrew Lorenz (FTI Consulting), Media Relations
Tel: +44 (0) 203 727 1323 or Mobile: +44 (0) 7775 641 807
About Tate & Lyle:
Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, with operations at more than 30 facilities worldwide.
Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients, supported by our Innovation and Commercial Development and Global Operations groups. The Group's strategy is to become a leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving Bulk Ingredients for sustained cash generation to fuel this growth.
Speciality Food Ingredients consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA® Sucralose; and our Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering. Additionally, our Food Systems business provides a wide variety of blended ingredient solutions.
Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products (primarily acidulants). Corn co-products from both divisions are primarily sold as animal feed.
Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2017, Tate & Lyle sales totalled £2.8 billion. For more information, please visit http://www.tateandlyle.com.
SPLENDA® is a trademark of Heartland Consumer Products LLC.